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Foreign accounts and assets reporting

FATCA -Foreign Account Tax Compliance Act

If you had more than $50,000 in your foreign country in your Bank/Securities/Deposits/Assets then you are required to file something called FATCA Report using Form 8938 with the IRS along with your Income Tax Return before April 15. FATCA stands for Foreign Account & Tax Compliance Act. FATCA is a United States federal law that requires United States persons, including individuals who live outside the United States, to report their financial accounts held outside of the United States, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their U.S. clients. Congress enacted FATCA to make it more difficult for U.S. taxpayers to conceal assets held in offshore accounts and shell corporations, and thus to recoup federal tax revenues.

FBAR

All US Citizens and Residents who has a financial interest in or signature authority or other authority over any financial account in a foreign country and if the aggregate value of these accounts exceed $10,000 at any time during the calendar year, then it is mandatory to file FBAR with IRS.

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